Main economic indicators 2009-2022. Accounts and forecasts. Percentage change from previous year unless otherwise noted

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Main economic indicators 2009-2022. Accounts and forecasts. Percentage change from previous year unless otherwise noted
  2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018* Forecasts
  2019 2020 2021 2022
1Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
2Change in stockbuilding. Per cent of GDP.
3CPI adjusted for tax changes and excluding energy products.
4Yearly average. Credit lines, secured on dwellings.
5Increasing index implies depreciation.
6Current account not adjusted for saving in pension funds.
7Average spot price Brent Blend.
Demand and output                            
Consumption in households etc. 0.0 3.8 2.4 3.5 2.8 2.1 2.7 1.1 2.2 1.9 1.9 2.4 2.2 2.0
General government consumption 4.2 2.2 1.1 1.5 1.0 2.7 2.4 2.3 1.9 1.4 2.2 1.8 1.9 1.7
Gross fixed investment -7.0 -6.4 7.5 7.5 6.3 -0.3 -4.0 3.9 2.6 2.8 6.2 0.9 -1.3 -0.2
Extraction and transport via pipelines 2.9 -8.0 11.4 14.6 19.0 -1.8 -12.2 -16.0 -5.4 1.9 15.4 -1.6 -3.1 4.2
mainland Norway -10.6 -6.4 5.0 7.4 2.9 0.4 -0.2 9.0 6.8 3.0 3.9 0.9 -0.8 -1.3
Industries -18.7 -9.2 1.1 10.5 -3.2 -0.7 -2.8 12.6 9.2 6.8 6.1 0.4 -0.8 -1.3
Housing -8.1 -1.6 17.0 10.9 5.3 -1.4 3.2 6.6 7.3 -6.2 2.6 1.9 -2.9 -3.9
General government 7.1 -5.3 1.1 -1.8 11.8 4.5 0.2 6.4 2.6 7.5 1.6 0.9 1.3 1.3
Demand from Mainland Norway1 -1.4 1.2 2.5 3.7 2.3 1.9 2.0 3.1 3.1 2.0 2.4 1.9 1.4 1.2
Stockbuilding2 -1.6 1.3 0.2 -0.6 0.5 -0.4 0.0 -0.2 0.5 -0.1 0.0 0.0 0.0 0.0
Exports -4.1 0.6 -0.8 1.7 -1.8 3.4 4.3 1.1 1.7 -0.2 1.9 6.0 2.3 1.1
Traditional goods -8.0 3.3 -0.1 -0.2 1.3 3.1 6.9 -8.6 1.7 2.0 4.9 3.8 2.2 1.6
Crude oil and natural gas -1.6 -6.9 -5.6 0.5 -5.5 2.7 2.1 4.9 5.1 -4.8 -2.3 12.3 4.4 1.7
Imports -10.3 8.4 3.9 2.9 5.0 2.0 1.9 2.7 1.9 1.9 5.5 1.8 0.2 0.8
Traditional goods -12.1 9.2 4.6 2.2 1.8 1.9 2.8 -0.2 3.8 3.2 6.3 0.6 -0.1 0.3
Gross domestic product -1.7 0.7 1.0 2.7 1.0 2.0 2.0 1.1 2.3 1.3 1.6 3.3 1.9 1.4
Mainland Norway -1.8 1.9 1.9 3.7 2.3 2.2 1.4 0.9 2.0 2.2 2.4 2.2 1.6 1.4
Manufacturing -7.8 2.1 1.7 2.0 3.3 2.8 -4.6 -4.2 0.0 0.8 4.3 2.0 1.7 0.8
Labour market                            
Total hours worked, Mainland Norway -1.8 0.2 1.7 1.7 0.4 1.4 0.7 0.6 0.3 1.8 1.9 1.8 0.5 0.3
Employed persons -0.4 -0.3 1.4 2.0 1.1 1.0 0.5 0.3 1.2 1.6 1.6 0.5 0.3 0.2
Labor force 0.2 0.6 1.3 1.6 1.2 0.7 1.5 0.2 -0.2 1.4 1.0 0.7 0.4 0.4
Participation rate (level) 72.5 71.7 71.5 71.4 71.2 70.7 71.0 70.4 69.7 70.2 70.5 70.6 70.6 70.6
Unemployment rate (level) 3.3 3.8 3.4 3.3 3.8 3.6 4.5 4.7 4.2 3.8 3.6 3.7 3.7 3.8
Prices and wages                            
Wages per standard man-year 4.2 3.7 4.2 4.0 3.9 3.1 2.8 1.7 2.3 2.8 3.4 3.6 3.5 3.2
Consumer price index (CPI)3 2.2 2.4 1.3 0.6 2.1 2.1 2.1 3.6 1.8 2.7 2.2 1.8 1.9 2.0
CPI-ATE3 2.6 1.3 1.0 1.3 1.5 2.5 2.7 3.1 1.4 1.6 2.3 2.0 2.0 2.0
Export prices, traditional goods -6.0 4.5 5.8 -1.9 2.7 3.4 2.0 4.0 5.2 5.9 0.9 1.8 1.4 1.4
Import prices, traditional goods -1.5 0.0 4.0 0.3 1.4 4.3 4.6 1.7 3.5 4.5 1.7 2.3 1.9 1.9
Housing prices 1.9 8.2 8.0 6.8 4.0 2.7 6.1 7.0 5.0 1.4 2.5 2.1 1.5 0.7
Income, interest rates and excange rate                            
Household real income 3.0 2.1 4.2 4.4 4.0 2.9 5.5 -1.7 1.4 2.4 3.0 2.4 2.0 1.6
Household saving ratio (level) 5.2 4.0 5.9 7.1 7.5 8.2 10.3 7.3 6.7 6.5 6.7 6.9 6.7 6.4
Money market rate (level) 2.5 2.5 2.9 2.2 1.8 1.7 1.3 1.1 0.9 1.1 1.5 1.6 1.6 1.6
Lending rate, credit loans(level)4 4.0 3.4 3.6 3.9 4.0 3.9 3.2 2.6 2.6 2.7 2.9 3.1 3.2 3.2
Real after-tax lending rate, banks (level) 0.7 0.1 1.3 2.1 0.8 0.8 0.1 -1.6 0.1 -0.7 0.1 0.7 0.6 0.5
Importweighted krone exchange rate (44 countries)5 3.3 -3.7 -2.4 -1.2 2.2 5.3 10.5 1.8 -0.8 0.1 2.6 1.5 0.0 0.0
NOK per euro (level) 8.73 8.01 7.79 7.47 7.81 8.35 8.95 9.29 9.33 9.60 9.85 10.04 10.04 10.04
Current account                            
Current balance (bill. NOK)6 261 284 346 371 316 331 246 125 186 285 232 284 319 324
Current account (per cent of GDP) 10.7 11.0 12.4 12.5 10.3 10.5 7.9 4.0 5.7 8.1 6.5 7.6 8.2 8.0
International indicators                            
Exports markets indicator -10.4 11.3 6.0 1.1 1.9 4.8 5.2 3.8 5.3 3.2 2.0 1.6 1.4 1.3
Consumer price index, euro-area 0.3 1.6 2.7 2.5 1.4 0.4 0.2 0.2 1.5 1.8 1.2 1.1 1.2 1.3
Money market rate, euro(level) 1.2 0.8 1.4 0.6 0.2 0.2 0.0 -0.3 -0.3 -0.3 -0.3 -0.5 -0.5 -0.3
Crude oil price NOK (level)7 391 485 622 651 639 628 432 379 453 582 552 507 496 494

Source: Statistics Norway. The cut-off date for information was September 3 2019.